Negotiating an offer in compromise (OIC) with the IRS can be confusing and frustrating for individuals with substantial tax liabilities. To help, we’ve compiled a few tips to simplify and streamline the process of determining the true value of your assets and negotiating the best possible OIC for you and your family.
About S.H. Block Tax Services
Stanley H. Block is a Maryland State Tax Attorney and a member of the American Society of IRS Problem Solvers. You can contact him at 410-727-6006 to obtain a free subscription to his newsletter titled The IRS Times & Inquirer.
Entries by S.H. Block Tax Services
Losing your employment can be tough, both emotionally and financially. However, it’s important during this time to remain proactive about your finances and your tax status. If you’ve recently lost your job, here are a few steps you can take along with the tax implications of each.
What Is a Distressed Sale? A distressed sale occurs when someone sells property, securities, or other assets in an urgent manner ─ usually at a loss ─ to cover substantial debts as quickly as possible. In this article, we’ll be focusing specifically on distressed real estate sales.
The Offer in Compromise (OIC) program is an IRS program designed to assist taxpayers who have substantial tax debt and are unable to pay in full. Typically, the IRS (or state of Maryland) will negotiate a figure that is equal to the greatest amount they expect to recover over a reasonable time frame but less than what the taxpayer actually owes.
Receiving a notice from the IRS can cause immense stress before you even have the chance to open the letter. (Note: The IRS will not call or email, so if you are receiving either, it is likely a scam.)
Marriage is all about teamwork: two people who pledge to stick together for better or worse, richer or poorer, and in sickness and in health. And although some exceptions do apply, there’s no better practical example of this vow than a married couple jointly filing their annual income taxes.
Recently, our firm had a conversation with the collection division of the IRS about the statute of limitations on a client’s account. We believed that over $60,000 of back taxes should have expired, which would have meant that the IRS could no longer collect on the debt and would’ve been forced to erase it entirely. We […]
If you’ve experienced a significant life change over the last year, you’ll probably need to reexamine your tax standing, and you may be eligible for new deductions or tax credits as well. Keep reading to learn which types of life events could make an impact and how these changes could affect you as a taxpayer.
In many cases, individuals and businesses can settle their tax issues on their own (or perhaps with a bit of research and help from an accountant). However, there does come a time for some taxpayers when their problems require the assistance of a skilled and experienced tax representative.
Watch out for the Dirty Dozen! No, not the Lee Marvin-led squad of misfits — we’re talking about the worst tax scams out there. Every year, the IRS releases its “Dirty Dozen” list, which details twelve common tax scams that taxpayers may encounter during the year. Although people can fall victim to these schemes at any time, many of them peak during […]
S.H. Block Tax Services
SH Block Tax Services Inc
401 E. Pratt Street
Baltimore, MD 21202
Satellite Offices (By Appointment Only):
10320 Little Patuxent Parkway
Columbia, MD 21044
1997 Annapolis Exchange Parkway
Annapolis MD 21401
South Florida Office
7260 Kinghurst Drive
Building 40 Suite #101
Delray Beach, FL 33446
1829 Reisterstown Road,
1829 Reisterstown Road,
Pikesville, MD 21208
Washington, D.C. Office
DC, Washington – Metro Center,
1200 G Street, NW,
Washington, D.C., 20005
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